2015 Q4 Form 10-Q Financial Statement
#000156459016012299 Filed on February 04, 2016
Income Statement
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q4 |
|---|---|---|---|
| Revenue | $849.0M | $750.0M | $829.0M |
| YoY Change | 2.41% | -2.72% | 1.72% |
| Cost Of Revenue | $449.0M | $375.0M | $445.0M |
| YoY Change | 0.9% | -4.58% | 0.91% |
| Gross Profit | $400.0M | $375.0M | $384.0M |
| YoY Change | 4.17% | -0.79% | 2.67% |
| Gross Profit Margin | 47.11% | 50.0% | 46.32% |
| Selling, General & Admin | $276.0M | $274.0M | $296.0M |
| YoY Change | -6.76% | -4.53% | 1.02% |
| % of Gross Profit | 69.0% | 73.07% | 77.08% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $75.00M | $12.00M | $79.00M |
| YoY Change | -5.06% | -25.0% | 1.28% |
| % of Gross Profit | 18.75% | 3.2% | 20.57% |
| Operating Expenses | $276.0M | $274.0M | $296.0M |
| YoY Change | -6.76% | -4.53% | 1.02% |
| Operating Profit | $62.00M | $37.00M | $23.00M |
| YoY Change | 169.57% | 54.17% | 53.33% |
| Interest Expense | -$45.00M | -$45.00M | -$46.00M |
| YoY Change | -2.17% | -2.17% | -183.64% |
| % of Operating Profit | -72.58% | -121.62% | -200.0% |
| Other Income/Expense, Net | $8.000M | -$9.000M | -$9.000M |
| YoY Change | -188.89% | 800.0% | 125.0% |
| Pretax Income | $25.00M | -$17.00M | -$32.00M |
| YoY Change | -178.13% | -26.09% | -27.27% |
| Income Tax | -$3.000M | $6.000M | $9.000M |
| % Of Pretax Income | -12.0% | ||
| Net Earnings | $27.00M | -$23.00M | -$42.00M |
| YoY Change | -164.29% | -11.54% | 13.51% |
| Net Earnings / Revenue | 3.18% | -3.07% | -5.07% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | $52.94K | -$45.10K | -$82.35K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 1.055K | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $278.0M | $246.0M | $145.0M |
| YoY Change | 91.72% | 56.69% | 12.4% |
| Cash & Equivalents | $278.0M | $246.0M | $145.0M |
| Short-Term Investments | |||
| Other Short-Term Assets | $195.0M | $190.0M | $205.0M |
| YoY Change | -4.88% | -6.4% | -1.91% |
| Inventory | $41.00M | $42.00M | $39.00M |
| Prepaid Expenses | |||
| Receivables | $408.0M | $349.0M | $436.0M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $922.0M | $879.0M | $825.0M |
| YoY Change | 11.76% | 12.4% | -12.05% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $217.0M | $220.0M | $233.0M |
| YoY Change | -6.87% | -3.08% | 28.73% |
| Goodwill | $1.632B | ||
| YoY Change | -1.75% | ||
| Intangibles | $2.542B | $2.633B | $2.874B |
| YoY Change | -11.55% | -12.35% | -10.02% |
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $105.0M | $114.0M | $273.0M |
| YoY Change | -61.54% | 26.67% | -8.39% |
| Total Long-Term Assets | $4.691B | $4.742B | $5.029B |
| YoY Change | -6.72% | -8.31% | -6.0% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $922.0M | $879.0M | $825.0M |
| Total Long-Term Assets | $4.691B | $4.742B | $5.029B |
| Total Assets | $5.613B | $5.621B | $5.854B |
| YoY Change | -4.12% | -5.59% | -6.9% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $161.0M | $173.0M | $162.0M |
| YoY Change | -0.62% | -19.53% | -34.15% |
| Accrued Expenses | $297.0M | $296.0M | $1.444B |
| YoY Change | -79.43% | 21.81% | -6.78% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $13.00M | $13.00M | $13.00M |
| YoY Change | 0.0% | 0.0% | -80.88% |
| Total Short-Term Liabilities | $1.887B | $1.857B | $1.904B |
| YoY Change | -0.89% | -1.49% | -8.29% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $2.973B | $2.981B | $3.005B |
| YoY Change | -1.06% | -1.19% | 5.14% |
| Other Long-Term Liabilities | $228.0M | $242.0M | $256.0M |
| YoY Change | -10.94% | -13.26% | 9.4% |
| Total Long-Term Liabilities | $3.201B | $3.223B | $3.261B |
| YoY Change | -1.84% | -2.21% | 5.47% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.887B | $1.857B | $1.904B |
| Total Long-Term Liabilities | $3.201B | $3.223B | $3.261B |
| Total Liabilities | $5.390B | $5.382B | $5.559B |
| YoY Change | -3.04% | -3.27% | -0.86% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$740.0M | ||
| YoY Change | 14.02% | ||
| Common Stock | $1.128B | ||
| YoY Change | 0.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $223.0M | $221.0M | $295.0M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $5.613B | $5.621B | $5.854B |
| YoY Change | -4.12% | -5.59% | -6.9% |
Cashflow Statement
| Concept | 2015 Q4 | 2015 Q3 | 2014 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $27.00M | -$23.00M | -$42.00M |
| YoY Change | -164.29% | -11.54% | 13.51% |
| Depreciation, Depletion And Amortization | $75.00M | $12.00M | $79.00M |
| YoY Change | -5.06% | -25.0% | 1.28% |
| Cash From Operating Activities | $61.00M | $104.0M | $35.00M |
| YoY Change | 74.29% | 16.85% | -167.31% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$17.00M | -$16.00M | -$29.00M |
| YoY Change | -41.38% | -55.56% | 31.82% |
| Acquisitions | $1.000M | $8.000M | |
| YoY Change | -87.5% | 100.0% | |
| Other Investing Activities | -$1.000M | $0.00 | -$8.000M |
| YoY Change | -87.5% | -100.0% | 100.0% |
| Cash From Investing Activities | -$18.00M | -$16.00M | -$37.00M |
| YoY Change | -51.35% | -74.6% | 42.31% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | $3.000M | $3.000M | |
| YoY Change | 0.0% | ||
| Cash From Financing Activities | -6.000M | -4.000M | -3.000M |
| YoY Change | 100.0% | -33.33% | -105.56% |
| NET CHANGE | |||
| Cash From Operating Activities | 61.00M | 104.0M | 35.00M |
| Cash From Investing Activities | -18.00M | -16.00M | -37.00M |
| Cash From Financing Activities | -6.000M | -4.000M | -3.000M |
| Net Change In Cash | 37.00M | 84.00M | -5.000M |
| YoY Change | -840.0% | 320.0% | -79.17% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $61.00M | $104.0M | $35.00M |
| Capital Expenditures | -$17.00M | -$16.00M | -$29.00M |
| Free Cash Flow | $78.00M | $120.0M | $64.00M |
| YoY Change | 21.88% | -4.0% | -313.33% |
Facts In Submission
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Depreciation Depletion And Amortization
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Foreign Currency Transaction Gain Loss Before Tax
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Amortization Of Financing Costs And Discounts
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Deferred Income Tax Expense Benefit
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Increase Decrease In Prepaid Royalties
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Royalties Payable
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Increase Decrease In Interest Payable Net
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Increase Decrease In Other Operating Capital Net
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Proceeds From Lines Of Credit
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Depreciation Depletion And Amortization
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Depreciation
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Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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Increase Decrease In Prepaid Royalties
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Increase Decrease In Accounts Payable And Accrued Liabilities
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Increase Decrease In Royalties Payable
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Increase Decrease In Interest Payable Net
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Increase Decrease In Deferred Revenue
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Increase Decrease In Deferred Revenue
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Net Cash Provided By Used In Operating Activities Continuing Operations
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Payments To Acquire Intangible Assets
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Repayments Of Lines Of Credit
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Repayments Of Long Term Debt
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Payments To Minority Shareholders
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Net Cash Provided By Used In Financing Activities Continuing Operations
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Effect Of Exchange Rate On Cash And Cash Equivalents
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Effect Of Exchange Rate On Cash And Cash Equivalents
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Cash And Cash Equivalents Period Increase Decrease
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| CY2014Q4 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
157000000 | |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
145000000 | |
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Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
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Nature Of Operations
NatureOfOperations
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<div> <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1. Description of Business </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">Warner Music Group Corp. (the “Company”) was formed on November</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">21, 2003. The Company is the direct parent of WMG Holdings Corp. (“Holdings”), which is the direct parent of WMG Acquisition Corp. (“Acquisition Corp.”). Acquisition Corp. is one of the world’s major music-based content companies. </font> </p> <p style="margin:18pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Acquisition of Warner Music Group by Access Industries </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">Pursuant to an Agreement and Plan of Merger, dated as of May</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">6, 2011 (the “Merger Agreement”), by and among the Company, AI Entertainment Holdings LLC (formerly Airplanes Music LLC), a Delaware limited liability company (“Parent”) and an affiliate of Access Industries, Inc. (“Access”), and Airplanes Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), on July</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">20, 2011 (</font><font style="font-family:'Times New Roman'; font-size:10pt">the “Merger Closing Date”)</font><font style="font-family:'Times New Roman'; font-size:10pt"> Merger Sub merged with and into the Company with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). In connection with the Merger, the Company delisted its common stock from the NYSE. The Company continues to file with the SEC current and periodic reports that would be required to be filed with the SEC pursuant to Section</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font><font style="font-family:'Times New Roman'; font-size:10pt">15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) in accordance with certain covenants contained in the </font><font style="font-family:'Times New Roman'; font-size:10pt">agreements governing</font><font style="font-family:'Times New Roman'; font-size:10pt"> its outstanding indebtedness. </font> </p> <p style="margin:18pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Acquisition of </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Parlophone</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic"> Label Group </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:11d5f918-228f-499a-8097-8333a20ac0b7; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('"> <font style="font-family:'Times New Roman'; font-size:10pt">On </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:72b74650-5374-45f1-904c-9d5a1a2a8c22; -aw-sdt-title:Fact">July</font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:72b74650-5374-45f1-904c-9d5a1a2a8c22; -aw-sdt-title:Fact"> </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:72b74650-5374-45f1-904c-9d5a1a2a8c22; -aw-sdt-title:Fact">1, 2013</font><font style="font-family:'Times New Roman'; font-size:10pt">, the Company completed its acquisition of </font><font style="font-family:'Times New Roman'; font-size:10pt">Parlophone</font><font style="font-family:'Times New Roman'; font-size:10pt"> Label Group</font><font style="font-family:'Times New Roman'; font-size:10pt"> (the “PLG Acquisition”).</font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:d62d8e58-5993-47aa-8571-cd40d2a968c7; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('">The Company classifies its business interests into </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:3d5b79e5-77f5-4b96-9093-c97a082b5b60; -aw-sdt-title:Fact">two</font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:d62d8e58-5993-47aa-8571-cd40d2a968c7; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('"> fundamental operations: Recorded Music and Music Publishing. A brief description of these operations is presented below.</font><font style="font-family:'Times New Roman'; font-size:10pt"> </font> </p> <p style="margin:18pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Recorded Music Operations </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company’s Recorded Music business primarily consists of the discovery and development of artists and the related marketing, distribution and licensing of recorded music produced by such artists. The Company plays an integral role in virtually all aspects of the recorded music value chain from discovering and developing talent to producing albums and promoting artists and their products. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">In the United States, Recorded Music operations are conducted principally through the Company’s major record labels—Warner Bros. Records and Atlantic Records. The Company’s Recorded Music operations also include Rhino, a division that specializes in marketing the Company’s music catalog through compilations and reissuances of previously released music and video titles. The Company also conducts its Recorded Music operations through a collection of additional record labels, including, Asylum, Big Beat, Canvasback, </font><font style="font-family:'Times New Roman'; font-size:10pt">Eastwest</font><font style="font-family:'Times New Roman'; font-size:10pt">, Elektra, </font><font style="font-family:'Times New Roman'; font-size:10pt">Erato</font><font style="font-family:'Times New Roman'; font-size:10pt">, FFRR, Fueled by Ramen, Nonesuch, </font><font style="font-family:'Times New Roman'; font-size:10pt">Parlophone</font><font style="font-family:'Times New Roman'; font-size:10pt">, Reprise, Roadrunner, Sire, Warner Classics, Warner Music Nashville and Word. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:c026a4a3-ccee-490c-ad9c-d6cc95c26381; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('"> <font style="font-family:'Times New Roman'; font-size:10pt">Outside the United States, Recorded Music activities are conducted in more than </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:a783bf29-5878-43e3-8106-587d9515536e; -aw-sdt-title:Fact">50</font><font style="font-family:'Times New Roman'; font-size:10pt"> countries through various subsidiaries, affiliates and non-affiliated licensees. Internationally, the Company engages in the same activities as in the United States: discovering and signing artists and distributing, marketing and selling their recorded music. In most cases, the Company also markets and distributes the records of those artists for whom the Company’s domestic record labels have international rights. In certain smaller markets, the Company licenses the right to distribute the Company’s records to non-affiliated third-party record labels. The Company’s international artist services operations include a network of concert promoters through which it provides resources to coordinate tours for the Company’s artists and other artists as well as management companies that guide artists with respect to their careers.</font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; -aw-sdt-tag:1d16d037-92b3-4645-b013-436f32e90bb9; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company’s Recorded Music distribution operations include Warner-Elektra-Atlantic Corporation (“WEA Corp.”), which markets and sells music and video products to retailers and wholesale distributors; Alternative Distribution Alliance (“ADA”), which distributes the products of independent labels to retail and wholesale distributors; various distribution centers and ventures operated internationally; and an </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:33c0ecdd-5d0d-4e4c-b1ab-a9fa0ae2af73; -aw-sdt-title:Fact">80</font><font style="font-family:'Times New Roman'; font-size:10pt">% interest in Word, which specializes in the distribution of music products in the Christian retail marketplace.</font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">In addition to the Company’s Recorded Music products being sold in physical retail outlets, Recorded Music products are also sold in physical form to online physical retailers such as Amazon.com, barnesandnoble.com and bestbuy.com and in digital form to online digital download services such as Apple’s iTunes and Google Play, and are offered by digital streaming services such as Apple Music, </font><font style="font-family:'Times New Roman'; font-size:10pt">Deezer</font><font style="font-family:'Times New Roman'; font-size:10pt">, Rhapsody, </font><font style="font-family:'Times New Roman'; font-size:10pt">Spotify</font><font style="font-family:'Times New Roman'; font-size:10pt"> and YouTube, including digital radio services such as </font><font style="font-family:'Times New Roman'; font-size:10pt">iHeart</font><font style="font-family:'Times New Roman'; font-size:10pt"> Radio, </font><font style="font-family:'Times New Roman'; font-size:10pt">iTunes Radio, </font><font style="font-family:'Times New Roman'; font-size:10pt">Pandora and Sirius XM. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company has integrated the exploitation of digital content into all aspects of its business, including artist and repertoire (“A&R”), marketing, promotion and distribution. The Company’s business development executives work closely with A&R departments to ensure that while a record is being </font><font style="font-family:'Times New Roman'; font-size:10pt">produced,</font><font style="font-family:'Times New Roman'; font-size:10pt"> digital assets are also created with all distribution channels in mind, including streaming services, social networking sites, online portals and music-centered destinations. The Company also works side by side with its online and mobile partners to test new concepts. The Company believes existing and new digital businesses will be a significant source of growth and will provide new opportunities to successfully monetize its assets and create new revenue streams. The proportion of digital revenues attributed to each distribution channel varies by region and proportions may change as the roll out of new technologies continues. As an owner of music content, the Company believes it is well positioned to take advantage of growth in digital distribution and emerging technologies to maximize the value of its assets</font><font style="font-family:'Times New Roman'; font-size:10pt">. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company has diversified its revenues beyond its traditional businesses by entering into expanded-rights deals with recording artists in order to partner with artists in other aspects of their careers. Under these agreements, the Company provides services to and participates in artists’ activities outside the traditional recorded music business such as touring, merchandising and sponsorships. The Company has built artist services capabilities and platforms for exploiting this broader set of music-related rights and participating more widely in the monetization of the artist brands it helps create</font><font style="font-family:'Times New Roman'; font-size:10pt">. </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company believes that entering into expanded-rights deals and enhancing its artist services capabilities in areas such as concert promotion and management have permitted it to diversify revenue streams and capitalize on other revenue opportunities. This provides for improved long-term relationships with artists and allows the Company to more effectively connect artists and fans. </font> </p> <p style="margin:18pt 0pt 0pt; page-break-inside:avoid; page-break-after:avoid; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Music Publishing Operations </font> </p> <p style="margin:6pt 0pt 0pt; text-indent:24.5pt; -aw-sdt-tag:2ace2f53-4f0c-4bb6-ab2e-eed8a7fbc410; -aw-sdt-title:'Note Block'"> <font style="font-family:'Times New Roman'; font-size:10pt">While recorded music is focused on exploiting a particular recording of a composition, music publishing is an intellectual property business focused on the exploitation of the composition itself. In return for promoting, placing, marketing and administering the creative output of a songwriter, or engaging in those activities for other </font><font style="font-family:'Times New Roman'; font-size:10pt">rightsholders</font><font style="font-family:'Times New Roman'; font-size:10pt">, the Company’s Music Publishing business garners a share of the revenues generated from use of the composition. </font><font style="font-family:'Times New Roman'; font-size:10pt"> </font> </p> <p style="margin:12pt 0pt 0pt; text-indent:24.5pt; page-break-inside:avoid; -aw-sdt-tag:00ec1158-d999-4dca-bc63-23628462980a; -aw-sdt-title:'Disclosure - Description of Business - Additional Information ('"> <font style="font-family:'Times New Roman'; font-size:10pt">The Company’s Music Publishing operations include Warner/Chappell, its global Music Publishing </font><font style="font-family:'Times New Roman'; font-size:10pt">company</font><font style="font-family:'Times New Roman'; font-size:10pt">, headquartered in Los Angeles with operations in over 50 countries through various subsidiaries, affiliates and non-affiliated licensees. The Company owns or controls rights to more than one million musical compositions, including numerous pop hits, American standards, folk songs and motion picture and theatrical compositions. Assembled over decades, its award-winning catalog includes over </font><font style="font-family:'Times New Roman'; font-size:10pt; -aw-sdt-tag:12e32475-20fc-42a8-843d-7d6b3e16160c; -aw-sdt-title:Fact">65,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> songwriters and composers and a diverse range of genres including pop, rock, jazz, classical, country, R&B, hip-hop, rap, reggae, Latin, folk, blues, symphonic, soul, Broadway, techno, alternative, gospel and other Christian music. Warner/Chappell also administers the music and soundtracks of several third-party television and film producers and studios, including </font><font style="font-family:'Times New Roman'; font-size:10pt">Lucasfilm</font><font style="font-family:'Times New Roman'; font-size:10pt">, Ltd., Hallmark Entertainm</font><font style="font-family:'Times New Roman'; font-size:10pt">ent and Disney Music Publishing</font><font style="font-family:'Times New Roman'; font-size:10pt">. The Company has an extensive production music library collectively branded as Warner/Chappell Production Music.</font> </p> </div> | |
| CY2015Q4 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | |
| CY2015Q4 | us-gaap |
Number Of Countries In Which Entity Operates
NumberOfCountriesInWhichEntityOperates
|
50 | |
| CY2015Q4 | wmg |
Number Of Songwriters And Composers
NumberOfSongwritersAndComposers
|
65000 | |
| CY2015Q4 | wmg |
Increase Decrease In Deferred Tax Assets Current
IncreaseDecreaseInDeferredTaxAssetsCurrent
|
-52000000 | |
| CY2015Q4 | wmg |
Increase Decrease In Deferred Tax Assets Noncurrent
IncreaseDecreaseInDeferredTaxAssetsNoncurrent
|
2000000 | |
| CY2015Q4 | wmg |
Increase Decrease In Deferred Tax Liabilities Noncurrent
IncreaseDecreaseInDeferredTaxLiabilitiesNoncurrent
|
-50000000 | |
| CY2015Q4 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-23400000 | |
| CY2015Q4 | us-gaap |
Goodwill Other Changes
GoodwillOtherChanges
|
7000000 | |
| CY2015Q4 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
3384000000 | |
| CY2015Q3 | us-gaap |
Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
|
3422000000 | |
| CY2015Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
961000000 | |
| CY2015Q3 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
908000000 | |
| CY2015Q4 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
2542000000 | |
| CY2015Q3 | us-gaap |
Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
|
2633000000 | |
| CY2015Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
2986000000 | |
| CY2015Q3 | us-gaap |
Long Term Debt
LongTermDebt
|
2994000000 | |
| CY2015Q4 | wmg |
Annual Percentage Of Original Principal Term Loan Amortization
AnnualPercentageOfOriginalPrincipalTermLoanAmortization
|
0.0100 | |
| CY2015Q4 | us-gaap |
Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
|
0.056 | |
| CY2015Q3 | us-gaap |
Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
|
0.056 | |
| CY2014Q4 | us-gaap |
Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
|
0.056 | |
| CY2015Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
-1000000 | |
| CY2015Q3 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
0 | |
| CY2015Q3 | us-gaap |
Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
|
0 | |
| CY2015Q4 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
5000000 | |
| CY2015Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
3000000 | |
| CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
|
0 | |
| CY2015Q3 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
0 | |
| CY2015Q4 | wmg |
Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
|
137000000 | |
| CY2014Q4 | wmg |
Income Loss From Continuing Operations Before Income Taxes Depreciation And Amortization
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDepreciationAndAmortization
|
102000000 | |
| CY2015Q4 | us-gaap |
Interest Paid
InterestPaid
|
54000000 | |
| CY2014Q4 | us-gaap |
Interest Paid
InterestPaid
|
56000000 | |
| CY2015Q4 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
6000000 | |
| CY2015Q4 | us-gaap |
Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
|
0 | |
| CY2015Q4 | us-gaap |
Fair Value Net Asset Liability
FairValueNetAssetLiability
|
-1000000 | |
| CY2015Q3 | us-gaap |
Contractual Obligation
ContractualObligation
|
1000000 | |
| CY2015Q4 | wmg |
Selling General And Administrative Expense And Adjustments
SellingGeneralAndAdministrativeExpenseAndAdjustments
|
276000000 | |
| CY2015Q4 | wmg |
Other Non Operating Income Expense Excluding Equity Method Investments
OtherNonOperatingIncomeExpenseExcludingEquityMethodInvestments
|
8000000 | |
| CY2014Q4 | wmg |
Selling General And Administrative Expense And Adjustments
SellingGeneralAndAdministrativeExpenseAndAdjustments
|
296000000 | |
| CY2014Q4 | wmg |
Other Non Operating Income Expense Excluding Equity Method Investments
OtherNonOperatingIncomeExpenseExcludingEquityMethodInvestments
|
-9000000 | |
| CY2015Q4 | us-gaap |
Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
|
-3000000 |
